Shares in South African LCC, 1time, gained 6.7% yesterday, despite a relatively flat market in South Africa in Wednesday trading.
The airline's CEO, Glenn Orsmond, stated the carrier is still showing "strong traffic growth", as passengers trade down to LCCs and after the withdrawal of Nationwide from the domestic market. Mr Orsmond commented, "the recession has played into our hands. People are switching wholesale to the low-cost carriers”. 1time’s share price rose over 90% in 2009.
Kenya Airways' stock (+3.6%) also continued to rally yesterday.
Selected African and Middle Eastern airlines share price movements (% change): 13-Jan-2010